Bank shutters down, saying ‘no cash’? Wait, there is money available! But here’s why it’s not available to you

Bank shutters down, saying ‘no cash’? Wait, there is money available! But here’s why it’s not available to you

Enforcement authorities have come to realise that corrupt bank managers are tapping the currency crisis to their advantage, allowing backdoor note exchanges and charging a commission while at it, says a report.

“Many bank managers are making a considerable profit ‘helping’ out rich acquaintances with hefty deposits,” said sources in the income tax department.

Standing in queues to get your money exchanged the entire day and soon as you are about to reach the bank, it downs the shutters saying there’s ‘No cash’, feels terrible, right? But do you know that the banks do have cash! Yes, according to a report in Bangalore Mirror, Enforcement authorities have come to realise that corrupt bank managers are tapping the currency crisis to their advantage, allowing backdoor note exchanges and charging a commission while at it. They also say that a huge currency racket is thriving. “Many bank managers are making a considerable profit ‘helping’ out rich acquaintances with hefty deposits,” said sources in the income tax department.

“We have information about many banks running this racket. Once the bank shutters are downed claiming that they have run out of money, there is a backdoor entry for huge money exchangers, running into crores. The catch is, bank managers keep the wads of currencies for exchange for a commission of 20-25 per cent. As these rich clientele is personally known to many of the branch heads (who know the tricks of the trade and how to bend the rules), the black money is made white through various means. Exchanging up to Rs 3 crore has become easy now,” an official source, told Bangalore Mirror, who was tracking these banks and zeroing in on the corrupt.

Here’s a synopsis on how they actually do it:

The black money is deposited in zero-balance accounts also called defunct accounts. Since bank officials keep a tab on the non-operative accounts, the money will be split and deposited with pre-dated entries. Demand draft (DD) is another way the money is being transformed — the ceiling to take a DD without submitting any documents is Rs 49,000 and people can draw the draft by depositing notes of Rs 500 and Rs 1,000. As the DD has three-month validity, after a few days, it is cancelled and the money is paid back through banker’s cheque after collecting the cancellation fee. So this money becomes clean.

K

Kumar

Nov 23, 2016 at 9:01 am

This is not possible because da to day did purchases is online available with zonal office and head office please don't spread such rumours

Reply

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Aman

Nov 22, 2016 at 8:43 am

Let's Chant Modi Modi Modi! And all the black money will suddenly disappear